上市公司资产结构、经营风险与企业价值的实证研究
发布时间：2019-03-05 12:45
【摘要】：供给侧结构性改革的目的就是要调整经济结构,使要素实现最优配置,提升经济增长的质量和数量。搞对投资结构是供给侧改革的关键,国家宏观的战略性投资来引领企业微观的盈利性投资,目的就是保证我国经济的平稳运行,企业价值稳步上升。对企业基础性生产要素的合理投资是解决当前经济困难和推动新一轮长期经济增长的关键。我国是制造业大国,工业化进程过程中,制造业是国民经济的重要支柱,然而PMI制造业指数下降及产能过剩是我国制造业目前面临的重大问题。制造业投资结构调整,转型升级将为中国的经济稳定发展增添强劲的动力。改变企业的资产结构会对企业价值产生怎样的影响?不同的资产结构会给企业带来不同的经营风险水平,那么资产结构对企业价值的影响是否会受到经营风险的影响?经营风险在二者关系之间发挥着怎样的作用?论文在回顾和概括国内外关于资产结构、经营风险及企业价值关系的文献的基础上,选取全部A股制造业上市公司为研究样本,检验我国制造业上市公司不同的资产形态占总资产的比重对企业价值的影响,经营风险对资产结构和企业价值的中介效应及其类型,在理论和实践上能够指导和完善资产结构优化机制。研究结果表明制造业上市公司:(1)资产结构与企业价值存在显著的相关关系。(2)经营风险与企业价值显著负相关,两者的相关性研究结果与“高风险,高收益”的观点恰恰相反,企业的经营风险越高企业的价值越小;(3)经营风险在资产结构与企业价值的关系之间存在中介效应,对二者的关系有增强的作用。因此,我国制造业上市公司应依据企业的发展需要理性投资,满足企业生产经营,构建合理的资产结构,将经营风险控制在合理的范围内,从而提高企业价值。
[Abstract]:The purpose of supply-side structural reform is to adjust the economic structure, to optimize the allocation of factors, and to improve the quality and quantity of economic growth. Investment structure is the key to supply-side reform. National macro-strategic investment leads the micro-profit investment of enterprises in order to ensure the smooth operation of our economy and the steady increase of enterprise value. Reasonable investment in basic production factors of enterprises is the key to solve the current economic difficulties and promote a new round of long-term economic growth. China is a big manufacturing country. In the process of industrialization, manufacturing industry is an important pillar of national economy. However, the decline of PMI manufacturing index and overcapacity are the major problems faced by China's manufacturing industry at present. The adjustment of manufacturing investment structure and the transformation and upgrading will add strong impetus to the stable development of China's economy. What is the impact of changing the asset structure of the enterprise on the value of the enterprise? Different asset structure will bring different levels of business risk to enterprises, so whether the impact of asset structure on enterprise value will be affected by business risk? What role does operational risk play in the relationship between the two? On the basis of reviewing and summarizing the domestic and foreign literatures on the relationship between asset structure, business risk and enterprise value, this paper selects all listed A-share manufacturing companies as research samples. This paper examines the influence of different asset forms in the total assets of listed manufacturing companies on the value of enterprises, and the intermediary effects and types of business risks on the structure and value of the enterprises, as well as the effects of business risks on the structure and value of the enterprises. In theory and practice, it can guide and improve the optimization mechanism of asset structure. The results show that: (1) there is a significant correlation between asset structure and enterprise value; (2) there is a significant negative correlation between business risk and enterprise value. The view of "high return" is just the opposite, the higher the business risk of the enterprise, the smaller the value of the enterprise; (3) Management risk has intermediary effect on the relationship between asset structure and enterprise value, which enhances the relationship between them. Therefore, the listed manufacturing companies of our country should make rational investment according to the development of enterprises, satisfy the production and operation of enterprises, construct a reasonable asset structure, and control the management risk within a reasonable range, so as to improve the value of enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7
本文编号：2434917
[Abstract]:The purpose of supply-side structural reform is to adjust the economic structure, to optimize the allocation of factors, and to improve the quality and quantity of economic growth. Investment structure is the key to supply-side reform. National macro-strategic investment leads the micro-profit investment of enterprises in order to ensure the smooth operation of our economy and the steady increase of enterprise value. Reasonable investment in basic production factors of enterprises is the key to solve the current economic difficulties and promote a new round of long-term economic growth. China is a big manufacturing country. In the process of industrialization, manufacturing industry is an important pillar of national economy. However, the decline of PMI manufacturing index and overcapacity are the major problems faced by China's manufacturing industry at present. The adjustment of manufacturing investment structure and the transformation and upgrading will add strong impetus to the stable development of China's economy. What is the impact of changing the asset structure of the enterprise on the value of the enterprise? Different asset structure will bring different levels of business risk to enterprises, so whether the impact of asset structure on enterprise value will be affected by business risk? What role does operational risk play in the relationship between the two? On the basis of reviewing and summarizing the domestic and foreign literatures on the relationship between asset structure, business risk and enterprise value, this paper selects all listed A-share manufacturing companies as research samples. This paper examines the influence of different asset forms in the total assets of listed manufacturing companies on the value of enterprises, and the intermediary effects and types of business risks on the structure and value of the enterprises, as well as the effects of business risks on the structure and value of the enterprises. In theory and practice, it can guide and improve the optimization mechanism of asset structure. The results show that: (1) there is a significant correlation between asset structure and enterprise value; (2) there is a significant negative correlation between business risk and enterprise value. The view of "high return" is just the opposite, the higher the business risk of the enterprise, the smaller the value of the enterprise; (3) Management risk has intermediary effect on the relationship between asset structure and enterprise value, which enhances the relationship between them. Therefore, the listed manufacturing companies of our country should make rational investment according to the development of enterprises, satisfy the production and operation of enterprises, construct a reasonable asset structure, and control the management risk within a reasonable range, so as to improve the value of enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7
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